WAGES PROTECTION SYSTEM

WPS was introduced by the UAE Ministry of Labour (MOL) in conjunction with the Central Bank of the UAE (CBUAE) through a Ministerial decree (No. 788) issued in July 2009.

WPS facilitates salaries to be paid electronically over a secure system through banks, financial institutions & exchange houses, and enables monitoring of timely payment of wages to employees. The decree mandates all employers to register with the WPS and non-adherence would result in penalties being enforced on the employer.

aafaq WPS

aafaq is pleased to announce "aafaq WPS", its WPS payroll service solution, specially designed to cater to companies of any size, while ensuring strict compliance with the directives issued by the MOL and CBUAE.

Benefits:

No minimum staff requirement

No company bank account requirement

Very competitive monthly fees for processing salary files (varies depending on the number of employees)

Efficient & fast processing of salary files

Efficient & fast payment of salaries through a nominated method (bank transfer, cheque payment & shortly through a specific exchange house with large branch network)

DUBAI ECONOMY PAYMENT COLLECTION

Now, aafaq offers DE Payment Service through our Windows at Dubai Tas'heel Centres, DE Al Twar, DE Dubai Mall, DE Al Barsha Mall and DE Al Manara Center to all types of companies who are required to furnish a Trade License to secure company permit to UAE.

LABOUR GUARANTEE ISSUANCE

aafaq is one of the key financial institutions in the UAE to offer the services of issuing Labour Guarantees, as decreed by the UAE Ministry of Labour & Social Affairs for companies’ hiring requirements. aafaq offers this service to all types of companies who are required to furnish a Labour Guarantee to secure work permit for any employee.

aafaq has also introduced a special scheme to attract companies of variable proportions, in order to facilitate their Labour Guarantee requirements.

NOQODI TOP UP

Noqodi top up service in collaboration with Emaratech:

Noqodi wallet is a fast and easy electronic payment solution enabling customers to make payments at government entities and other utility payments through secure payment channels minimizing cash transaction hassle. aafaq Islamic Finance through its vast network of Tas-heel and Dubai Economy outlets across UAE offers account Top-up’s to Noqodi wallet making it easier for customers to pay instantly in some government entities where cash transactions are not accepted as mode of payment.